Almost eight in ten (77pc) Irish people are against new EU plans to allow children as young as 16 to get behind the wheel.
This is according to the findings of a new survey[1] by Peopl Insurance which examined attitudes towards a new proposal by the European Commission to allow children as young 16 to drive, as long as the vehicle is adapted with a speed limiting device set to a maximum speed of 45km. The proposal is part of major revision of EU driving rules[2] being discussed by the European Council and European Parliament.
Headline findings from the Peopl survey, published in the run-up to World Day of Remembrance for Road Traffic Victims on November 19, which will see President Michael D Higgins hosting a private reception at Áras an Uachtaráin this week to mark the day[3], found that:
Most people (77pc) believe that 16 is too young an age to drive and that there would be an increase in road collisions if people of this age were allowed to legally get behind the wheel.
More than one in five (23pc) support the proposal citing that it would allow young people to become more independent.
Those age 21 – 24 (31pc) as well as Dubliners (29pc) are most likely to support the new rule to lower the minimum legal driving age to 16
Those aged 35 to 44 (19pc) are least likely to be in favour of the proposal.
Commenting on the survey findings, Paul Walsh, CEO of People Insurance said:
“The European Commission has put forward the proposal to allow 16-year-olds to drive as a way of addressing mobility issues in remote areas[4}. So there are likely to be some who would welcome such a move, particularly those living in isolated rural areas. However, the proposal has proved controversial and led to concerns that such a move would simply add to the dangers on Irish roads – as borne out by the results of our survey, which found that the majority of Irish people do not believe it would be safe to allow children aged 16 to drive. Interestingly though, Dubliners were more likely to support the measure than those living in Ulster, Munster and Connacht.
In a year when the number of fatalities on Irish roads is hitting record highs[5], when pedestrian road deaths in Ireland are estimated to be at their highest in 15 years[6], and when more than twice as many children up to the age of 15 have been killed on Irish roads[7] than was the case in 2022, it is understandable that there is such widespread disquiet about the new proposal.”
Other highlights to emerge from the Peopl survey include:
Those living in Ulster are most opposed to the plan to allow 16-year-olds to drive: 90pc of Ulster people living in the Republic of Ireland and 100pc of Ulster people living in Northern Ireland were against the proposed measure.
Further commenting, Mr Walsh said:
“The European Transport Safety Council (ETSC) – whose members include the Road Safety Authority in Ireland – recently called on the European Commission to drop the proposal that would allow children aged 16 to drive[8].
It is clear that this new proposal needs to be considered carefully before it is introduced. But in addition, clearly more needs to be done at national level to alert young people to the dangers of driving on Irish roads – and to educate them around how they can drive more safely.”
[1] Conducted by iReach of 1000 adults nationwide.
Are you a new business owner looking to get your feet moving with box truck insurance? Making sure that your goods, equipment, and employees are properly protected is essential for the success of any organization, even if you do have access to a good truck accident lawyer.
With an array of coverage options available in the market nowadays, it can be a bit overwhelming to decide which path works best for you. That’s why we’ve put together this comprehensive guide on box truck insurance!
From understanding what type of coverage is right for you and your unique business operations to learning how different providers determine premiums rates, this blog post will provide you with all the information necessary to confidently make an informed decision about your protection plan. Read on as we uncover everything there is to know about getting the right box truck insurance!
What is box truck insurance?
If you own a business that requires the use of box trucks, you should consider purchasing box truck insurance. This type of policy with coverage for box trucks offers protection for your vehicle, your employees, and your business as a whole. Without it, you could be left with significant financial losses if an accident were to occur.
Box truck insurance typically covers bodily injury and property damage liability, as well as collision and comprehensive coverage. With the right insurance policy, you can have peace of mind knowing that your business is protected from unexpected expenses and legal troubles.
Don’t take any chances when it comes to the safety and security of your business – invest in box truck insurance today.
Types of coverage included
As a business owner who operates a box truck, it’s essential to ensure that you have the most comprehensive insurance coverage to protect your company against potential risks. A box truck insurance policy typically includes several types of coverage, such as liability coverage, physical damage coverage, cargo coverage, and uninsured/underinsured motorist coverage.
Liability insurance covers damages caused to other people’s property or injuries sustained by other drivers in the event of an accident. Physical damage coverage takes care of repairs or replacements when your box truck is damaged in an accident or stolen. Cargo coverage, on the other hand, protects the goods you’re carrying in your box truck against damage or loss.
Lastly, uninsured/underinsured motorist coverage is crucial in scenarios where you’re involved in an accident with a driver who is either uninsured or doesn’t have adequate coverage to pay for any damages incurred.
To be eligible, you must meet the minimum insurance requirements set by your state and provide proof of compliance. Obtaining an operator’s license is also essential to legally drive and operate a box truck for commercial purposes. Ensuring all your documentation is current will help avoid penalties and keep your operations running smoothly.
What factors may affect the cost?
Box truck insurance can come at various costs. Several factors can influence those prices. Firstly, the type of truck and the goods it carries can impact the cost of coverage. Insurers consider the vehicle’s size, weight, and cargo items while calculating the premium.
Secondly, driving history also plays a role in securing an affordable insurance policy. Drivers with a clean track record and no previous claims can generally get lower rates. Lastly, insurance providers analyze geographical locations before determining the cost of the policy.
Theft rates, accident frequencies, and crime rates in the area can all impact the premium price. By understanding these contributing factors, individuals can better prepare themselves and make informed decisions when it comes to purchasing box truck insurance.
How to compare quotes from different insurers to find the best deal
With so many insurance companies offering various policies and deals, it can be overwhelming to decide which one to choose. By comparing quotes from different insurers, you can find the best deal that suits your needs. However, it’s important to remember that the cheapest quote may not always be the best option.
When comparing quotes, consider factors such as the coverage offered, deductibles, and customer service reviews. It’s also a good idea to ask for discounts or bundle options that may lower the overall cost. Take the time to carefully review and compare each quote to make an informed decision and find the best deal for your insurance needs.
Keep in mind that prices can vary significantly – so make sure to shop around and compare different policies before making a final decision.
Securing adequate box truck insurance is an important part of running a business, but it can often be an overwhelming task. It’s important to be aware of the different types of coverage available and factors that may contribute to the cost so you can ensure you’re getting the best deal. Comparing rates from multiple insurers is a great way to get the most out of this essential service.
Lastly, remember to avoid any common mistakes when it comes to box truck insurance and take full advantage of any tips and tricks for saving money on your policy. By following these steps, you can rest assured knowing that your business operations are protected by the right insurance policy that’s tailored to your needs.
More than one in two Irish motorists have seen their motor insurance bill increase over the last year, despite official figures showing a fall in the average cost of car insurance.
The findings of a new survey by Peopl Insurance[2] of 1000 adults nationwide also showed that one in three (33pc) people would consider having a driving tracker device which monitors a driver’s speed and driving habits installed in their car if doing so would reduce the cost of their car insurance, while one in four (24pc) would be happy to undergo some driver refresher training and one in five (21pc) would be prepared to limit their mileage.
Only about one in seven (14pc) said their car insurance bill had fallen over the last twelve months while one in three (33pc) reported that their car insurance bill had “stayed pretty much the same”.
Commenting on the survey results, Paul Walsh, CEO of Peopl Insurance said:
“With more than half of motorists reporting increases in premiums, it’s unsurprising that six in ten said they would take some form of action to reduce costs if the option was available to them. Motorists showed little willingness to entertain a driving curfew or weekend-only driving in order to get cheaper motor insurance, but they are definitely more open to the idea of some form of driving monitor being in place to allow an insurer to see that the motorist is driving safely, obeying the rules of the road and so on”.
Highlights from the Peopl Insurance survey include:
Women (56pc) were more likely than men (49pc) to report an increase in the cost of their motor insurance over the last year. Those aged between 35 and 44 were the most likely age cohort to have witnessed an increase in the cost of their car insurance with six in ten (60pc) of this age category reporting a price rise over the last year, compared to 34pc of those aged between 18 and 24.
People in Dublin are the most likely to limit their mileage in order to get cheaper car insurance, with almost one in three (31pc) Dubliners saying they would do so versus one in five (20pc) Munster people and almost one in seven (15pc) of those living in Connacht and Ulster. This however is likely a reflection of the greater driving distances often faced by those living in rural areas as well as the strong public transport network in place in Dublin.
Only 2pc of motorists would be prepared to only drive at weekends in order to get cheaper motor cover while less than one in ten (9pc) said they would be prepared to accept a driving curfew or not to drive after certain hours.
People aged 25 to 34 appear to be more open to the idea of driving curfews or weekend-only driving than other age cohorts. Almost one in eight (13pc) of this age category said they would consider taking a driving curfew in order to get cheaper car insurance, compared to only 4pc of those aged 18 to 24. Although at 6pc, only a small fraction of 25- to 34-year-olds said they would consider weekend-only driving in order to save money on car insurance, this was a higher proportion than recorded for other age cohorts.
Mr. Walsh spoke about the financial pinch felt by motorists,
“Despite the various moves made by the Government to try reduce the cost of car insurance, it is clear from our survey that not all drivers are benefitting from reduced insurance prices and indeed for many drivers, the cost of car insurance is increasing. We believe the high inflation of the last two years could be one reason many consumers are facing pricier car insurance premiums. It is well documented that soaring inflation has led to shortages of labour and car parts worldwide and that this in turn has driven up the cost of car repairs.”
“While outside factors undoubtedly have a role to play in the increase experienced by some drivers, not shopping around at renewal will always mean that people pay over the odds for their premium. Loyalty to just one insurer doesn’t pay. If you’re a credit union member, you should always check if you can get a better car insurance deal at your local credit union.”
Finding a life insurance policy that fits into your budget is easier than ever.
Life insurance is one of the best ways to find peace of mind in knowing that your family would be financially supported if you were to pass away. The money received by beneficiaries can help pay off any outstanding bills and debts, pay for final arrangements, and even act as an inheritance for your children. While the benefits are clear, if you have a tight budget, life insurance may feel like a luxury you cannot afford. But, if you shop around for the best rate possible and do a little bit of repositioning in your budget, you might be surprised at how affordable it can really be.
4 Tips To Find Affordable Life Insurance Rates
Finding an affordable rate will make it easier to fit your premium into your budget
The first step in finding a life insurance policy that can work within your budget is to find an affordable rate in the first place. There are plenty of ways that you can save money while still finding a policy that gives you the coverage you want.
1. Get Your Health In Order
Your health is one of the biggest determining factors when a life insurance company considers how much coverage you can get and how much you will have to pay for it. When you apply for a life insurance policy, you will be asked quite a few questions about your health, and you should do your best to provide as much information as possible.
Specifically, your height and weight can play a big part in determining your premiums. Your body mass index (BMI) can make the difference between your rate class, so, if you have a higher BMI, you’re likely to pay more. On top of that, things like your blood pressure and your cholesterol can do the same to your rates. Add in any smoking habits, and you can say goodbye to affordable rates. If you have started to notice some issues with these health vitals or if you are a smoker, you may want to get these in check before applying for a life insurance policy.
Let’s say that you need a life insurance policy sooner rather than later, but you don’t have the time to wait to work on your health. You might get locked into a higher premium rate at first, but there are still ways you can get a lower price. If you’ve quit smoking and have made major improvements to your health, you can always ask your life insurance policy carrier to re-evaluate your health to see if you can get a better rate. Normally, you have to provide some medical records to prove that you are not only in better health now, but you have also maintained better health for a certain period of time. If your carrier does not give you the opportunity for a rate re-evaluation, you can always shop around for a new policy. Chances are, you might find a policy elsewhere for a better price.
2. Find The Right Type Of Coverage
When trying to get a life insurance policy for the most affordable rate possible, the type of insurance you get will have a big impact on how much you pay monthly. The two most popular types of life insurance are term and permanent, but you’ll pay a vastly different amount for each.
Out of the top two, term life insurance tends to be the most affordable. This is because term life insurance is the most basic type of life insurance you can get, but that doesn’t mean it’s not a great way to get coverage. Term life insurance covers you for an agreed-upon period of time for a certain amount of coverage. If the policyholder were to die within that time, then their beneficiaries would receive the death benefit.
Nowadays, the internet has made it so much easier to find life insurance online. Whereas traditional approaches to life insurance policies require applicants to undergo a medical exam, you can now find great rates for life insurance without a medical exam through accelerated term life insurance. Not every company offers this type of insurance, but it has been popping up more and more in recent years. While you will still have to answer some questions about your medical history, you won’t need to take time out of your busy schedule to get a medical exam. Instead, companies use the information provided on your application and use algorithms to determine if they can approve you for coverage as well as how much you will pay for the coverage. All in all, it’s a much simpler and quicker process and you will still be able to get a great rate for the coverage you need.
Permanent life insurance, on the other hand, covers a policyholder for their entire life rather than a certain period of time. The death benefit also has some additional benefits as well. As the policyholder pays their premium, that money accumulates and translates into a cash value that can be used while the policyholder is still alive to borrow against. With this added benefit of guaranteed coverage over the course of life as well as the cash value, permanent life insurance can be very appealing until someone sees the price tag.
3. Ask About Discounts
You should always ask the carrier if they offer any types of discounts. In a lot of cases, there are ways that you can unlock even more savings.
The most common way that people receive discounts on life insurance is by paying their premium payments in full for, let’s say, a year. If this is something you are financially able to do, your provider may offer anywhere from a 2-8% discount. Before you get a life insurance policy, ask to see if your carrier provides any discounts such as this one. On top of that, some carriers will provide a certain discount if you have a certain job or profession. So, if you are in the military or are a teacher, there could be even more saving opportunities.
Now, another very popular way to save money on life insurance is to bundle it with other insurance you may need. Most commonly, people will bundle their life insurance with their home or auto insurance. Especially if you need these insurances, why pay a higher price to get your insurances separately when you can bundle and potentially save even more money?
4. Shop Around
The best way to get the most affordable life insurance rate possible is by doing your due diligence and shopping around. Luckily, the internet makes it so incredibly easy to get quotes from multiple providers, compare your offers, and pick the option that makes the most sense for you. Not all companies will give you the same rates for the same or similar coverage amounts, so it is always in your best interest to get a healthy amount of quotes to compare. It may be tempting to automatically select the policy with the lowest monthly premium price, but you should always weigh the coverage amount and the price so that you are getting the most for what you are paying.
How To Adjust Your Budget To Fit Life Insurance Costs
Now that you’ve found a great rate, it’s time to re-evaluate your budget and make any necessary adjustments
With an affordable life insurance policy rate locked in, now it’s time to see how it plays into your budget. By reviewing your current budget and making some adjustments, you will have a better understanding of what you need to change about your spending habits in order to afford your rates.
Review Your Budget
The first step in adjusting your budget to fit life insurance costs is to review your current budget. It’s good to do this from time to time anyway so you can make sure your budget still works for your needs.
When reviewing your budget, first start by comparing your planned spending and your actual spending habits. Using a budgeting app or going through your bank statements, you can get a better idea of where you are aligned with your planned spending and where you may be missing the mark in actuality.
With a better understanding of your spending habits in mind, you will next want to consider any new expenses. In the case of life insurance, you may want to test how your budget may change if you decide to pay your premiums in full for the year or if you decide to pay monthly.
Looking at the bigger picture, keep your financial goals at the top of your mind as well. This may impact how much you need to modify your spending habits if you find that you don’t have enough room in your budget to realistically achieve your goals.
Determine What You Can Cut In Your Budget
Now that you have a better idea of where you would like your money to go and how you have actually been spending, you can then start to modify your budget. If you have crunched the numbers and have determined that you can realistically fit your life insurance into your budget without needing to make any significant changes, then you may not need to modify your budget very much at all. Or, the solution may be to simply move planned spending budgets from category to category.
However, if you have noticed that your financial priorities have changed and you don’t have the wiggle room to accomplish what you need, then cutting back on your unnecessary spending is a great place to start making changes. While this will look different for everyone depending on their own habits, some popular ways to cut back are as follows:
Cut back on going out to eat.
Plan nights in rather than nights out.
Audit your subscriptions and cut back where you can.
Even simple but consistent changes can add up and make room for your new financial priorities.
Life insurance policies are a great way to ensure that your family will always be financially supported, even if you were to pass away. With that in mind, know that life insurance isn’t a luxury that only a few can afford. With a little bit of research and some adjustments in your budget, a life insurance policy is well within reach.
An Garda Síochána (Ireland’s National Police and Security Service) lists the ‘Advance Fee Fraud of Ghost Broking and Car Insurance Fraud’ as one of the six most common types of fraud happening in Ireland today. A new survey by LexisNexis® Risk Solutions of Irish insurance customers certainly seems to back this up. Our findings show that over a third (34%) have been tempted by an advert for cheap insurance on social media – a common sales channel used by ghost brokers – and 16% of 17-24 year olds have actually bought insurance through a social media advert. Equally concerning is the fact that just 24% of the people surveyed know about ghost brokers.
Ghost brokers promote unrealistically cheap car insurance on social media and sell on bogus policies using stolen ID to unwitting younger or high-risk drivers who are in search of a cheap policy. Little wonder over half (58%) of the insurance customers we surveyed are worried their identity could be compromised for insurance fraud and the vast majority (89%) now expect insurance providers to undertake identity checks.
There is no denying that fraud costs the Irish insurance industry dear. Aside from ghost broking, insurance providers face the growing problem of people deliberately misstating information in an application for a cheaper quote – 25% of Irish insurance customers in our study thought that this is somewhat or completely acceptable, rising to 43% of the 17-34 year old population.
Despite investment in educational campaigns warning of its danger, an estimated €200 million is lost to insurance fraud each year which inevitably impacts upon insurance premium prices for innocent policyholders. In fact, approximately €50 on every motor insurance policy goes towards covering the cost of fraudulent claims on an annual basis.
Countering fraud starts with confirming that an applicant is who they say they are and not linked to fraud, often using public records data and data shared amongst insurance providers. This continues to provide a strong basis for identity validation, but can prove time-consuming and may cause friction when the vast majority of genuine customers deserve a quick and painless application and purchase experience.
The next evolution in identity validation uses email address intelligence. This has worked to great success in the U.K insurance market where it is providing flags for fraud early in the application process and helping to cut cancellation costs. Now insurance providers in the Republic of Ireland are set benefit.
An email addresses is a unique global identifier and one of the most commonly used components for any online transaction. An email address is also linked to multiple online accounts and transactions. This means each individual email address creates a digital footprint which can make it one of the most powerful tools for detecting application fraud.
Solutions such as LexisNexis® Emailage® Rapid provide an instant risk score at the point of quote to indicate a genuine identity, whether the identity has previously been linked to fraud or whether it could be a fraudulent ID created to either procure insurance with the sole intent of making a fraudulent claim, or to sell insurance on as a ghost broker. It can also indicate whether the email address and domain even exist, when the email address was first seen, or whether the email address bears a close resemblance to the proposer’s name for the policy.
This solution leverages billions of online transactions and email address data points, including 82,200 fraud events shared on average daily.
Internet penetration stands at over 90% in Ireland and as nearly one third (32%) of younger people aged between 16 and 29 years either bought or renewed existing insurance policies online last year, it is easy to see how vulnerable they might be to fraud but also how susceptible the insurance market is to online fraud.
As the volatility of the macroeconomic environment continues unabated, it is more important than ever for insurance providers to conduct robust fraud prevention strategies. Innovations such as email identity validation can help to boost the Irish insurance market’s resilience to identity fraud, protect unwitting motorists from the threat of ghost brokers and ensure a streamlined quote experience for the genuine customers.
In February 2020, LexisNexis Risk Solutions acquired Emailage, a fraud prevention and risk management solutions provider. LexisNexis®Emailage® is a proven risk assessment tool that is fuelled by continuously updating global digital insights and uses a patented, proprietary analytic approach to reimagine fraud detection.
When you purchase car insurance, you are purchasing a policy that provides you with protection for a set period of time. The majority of car insurance policies are for six months or a year. You’ll have to buy a new one after that because driving without car insurance is illegal and the fines are high. For example, in Alberta, Canada, the fines for first and second offenses are $10,000 and $20,000.
So, once your policy expires, you have to renew it. When it comes time to renew your car insurance, you can select the types of coverage you need such as collision or comprehensive coverage. When your policy is about to expire, your insurance company will send you a letter or an email. The company may then automatically renew the policy, or ask you to show proof that your basic information hasn’t changed and then renew it.
If you let your current policy lapse, you may have difficulty obtaining a new one. This is known as nonrenewal, which means that your insurance company will not provide you with a new policy. A lapse in coverage may also result in higher premiums.
The following tips will help you understand the renewal process much better.
Work with an insurance broker
An insurance broker acts as a liaison between the insurance companies and the clients. So, if you didn’t consult with an insurance broker previously, you should now, especially if you decide to change the policy. If you are considering purchasing a new insurance policy but are unfamiliar with its complexities, consulting with an insurance broker may be a good idea.
When you find a policy, insurers should highlight the key facts, and your broker should explain them to you to make sure you understand what the company is proposing for you to buy. So, before you decide anything, find an insurance broker to consult with, and then decide on the type of insurance policy you want to purchase.
For example, if you live in Edmonton, Canada, it is a good idea to research the local market and find quality insurance brokers in Edmonton to get in contact with. Working with a broker is useful because they will give you unbiased, objective advice on the coverage that is best for your needs and fits your budget. Finding a broker in the area where you live is important, as they are familiar with all state laws.
Understand the renewal process
Even though you work with a broker, you still need to understand the process of renewal. Every insurance company has its rules. In some cases, an insurer will simply send you the renewal documents, and your policy will be renewed automatically on the corresponding date. This is common with monthly-pay auto insurance policies. If you have no problems with your updated policy or the change in premiums, you are not required to do anything.
Your policy will automatically renew without your intervention, and your insurer will continue to deduct your monthly insurance premium directly from your account. If you have a problem with your policy and do not want to renew it, you can cancel it and ask for another offer or find another insurance company.
Learn how to change your current car insurance policy
If your car insurance is about to expire and you don’t want to keep your current coverage, you can notify your insurance company that you want to change it. Then, purchase a new policy that begins before your current one expires. You won’t be able to make property damage claims if your coverage lapses, even for a short period. Maintaining *continuous insurance* ensures you remain protected while avoiding penalties or higher premiums in the future.
If you don’t want to renew your car insurance policy, you can simply cancel it. The insurance company will have a say in this situation. Some companies will let you cancel your policy over the phone, while others will require a letter stating your intention to cancel.
Check the increase in the insurance premium rates
Insurance companies may occasionally raise the rates to reflect the current economic situation or the changes in government-mandated insurance regulations. Most often a rise in your auto insurance premium is associated with a poor driving record, a prior claim, or adding a new driver or another car to your policy.
Even changing jobs can raise your premiums, if it increases the distance you travel to work. Whatever the cause of the increase, understand how to calculate the premiums and check each piece of information in detail.
Final thoughts
A valid car insurance policy is a must. Make sure you consult an insurance broker to discuss your options, but above all, understand the renewal process yourself. Learn the insurance procedure, so you can complete the process quickly.
A new survey[i] of insurance customers in the Republic of Ireland has highlighted the risks facing young people in the region who are being targeted by ghost brokers selling fake insurance policies. The study by LexisNexis® Risk Solutions, a leading data, advanced analytics and technology provider for insurance, found that:
54% of 17–34-year-olds have been targeted and tempted by an advert for fake insurance on social media
More than 1 in 10 (16%) of the youngest people surveyed, aged 17-24, has bought insurance through one of these adverts
71% of 17–34-year-olds are worried their identity could be compromised for insurance fraud such as ghost broking
92% of 17–34-year-olds expect insurance providers to check they are who they say they are when applying for insurance
Only 24% of the people surveyed actually know what a ghost broker is
In response to the growing problem of insurance application fraud and ghost broking[ii], LexisNexis Risk Solutions has launched LexisNexis® Emailage® Rapid for the Irish insurance market.
Emailage Rapid is a powerful fraud risk scoring solution based on the email address and other personal information provided during the personal lines insurance application process. As insurance fraud continues to cost insurance companies in Ireland an estimated 200 million annually[iii], Emailage Rapid provides immediate verification of the applicant’s digital identity and checks they are not linked to any fraudulent activity prior to policy inception. As well as helping to combat fraud, the solution may also help reduce the cost of cancellations to the insurance sector.
Emailage Rapid is built from over 82 thousand fraud events and transactions shared daily[iv], to provide a real-time risk score[v] at the point of quote. The score indicates a genuine identity, whether the identity has previously been linked to fraud or whether it could be a fraudulent ID, which may have been created to either procure insurance with the intent of making a fraudulent claim or to sell insurance on as a ghost broker[vi]. It provides additional metadata points, such as whether the email address and domain even exist, when the email address was first seen, or whether the email address bears a close resemblance to the proposer’s name for the policy.
An Garda Síochána (Ireland’s National Police and Security Service) lists the ‘Advance Fee Fraud of Ghost Broking and Car Insurance Fraud’ as one of the six most common types of fraud happening in Ireland today[vii]. Yet, research by LexisNexis Risk Solutions highlights that only 24% of people know about ghost brokers. As the number of internet users in Ireland continues to grow with a current 4.43 million internet users, projected to reach 4.73 million individuals by 2027[viii], so does the opportunity for online crime.
Shane McCabe, insurance strategic account manager, LexisNexis Risk Solutions, Ireland, said: “Ghost brokers typically advertise their services online, claiming to be able to secure prospective policyholders a cheap insurance policy. They often target the young, who are more likely to use social networking and instant messaging[ix]. As nearly one third (32%) of younger persons between 16 and 29 years of age either bought or renewed existing insurance policies online last year, we can see how vulnerable they might be to fraud[x]. It is critical that insurance providers can offer the seamless online experience that policyholders expect, while protecting themselves and their customers from fraudsters. Building on the success of Emailage Rapid in the UK, we are delighted to have launched LexisNexis Emailage Rapid as our first motor insurance product for insurance providers in the Republic of Ireland.”
[i] 1000 insurance purchasers surveyed in the ROI, November 2022 through Maru/Hub.
[v] LexisNexis® Emailage® Rapid is a powerful fraud risk scoring solution based on the email address and other personal information provided during the application process. In February 2020, LexisNexis Risk Solutions acquired Emailage, a fraud prevention and risk management solutions provider. LexisNexis® Emailage® is a proven risk assessment tool that is fuelled by continuously updating global digital insights and uses a patented, proprietary analytic approach to reimagine fraud detection.
[vi] A “Ghost Broker” is a term used to describe a fraudster who pretends to be a genuine Insurance Broker in order to sell fraudulent car insurance.
The introduction of Ethereum into this market and its ability to accelerate transaction speeds could potentially revolutionize the insurance industry. Platforms like ethereum trader have a robust algorithm that performs the research for bitcoin traders and makes trading easy. Also, it has helped many beginners to get started with bitcoin trading. Ethereum’s ability to make financial transactions more efficient promises to make the insurance industry more competitive while improving customer service.
With many such benefits, it is easy to see how Ethereum has become a favourite solution for value chain solutions within the blockchain space and across other areas. Insurance industry- The biggest adopter of Ethereum:
The insurance industry is where Ethereum has already been massively refined, allowing for maximum efficiency and scalability. The benefits of having a decentralized network like Ethereum have already been realized. For example, when dealing with complex supply chains, consumers can benefit from faster settlement times and lower transaction fees (such as those associated with standard credit card fees).
With all of these advantages, it’s easy to see why there is such excitement surrounding the potential ways that Ethereum can revolutionize the insurance industry. In addition, the industry is exploring ways that Ethereum can help innovatively drive the supply chain. As a result, forward-thinking insurance companies are reaching out to discuss this blockchain’s opportunities.
Intelligent contracts are revolutionizing the insurance industry.
With blockchain technology and smart contracts, insurers and reinsurers can benefit from lower premiums and increase their settlement speed by a factor of ten. The benefits of such optimizations would go far in helping to make insurance cheaper for both policyholders and investors alike, thus making it more competitive with other financial institutions and payment systems such as credit cards.
How can Ethereum help the insurance industry?
Fraud detection and risk prevention:
In the insurance industry, verifying people’s identities and knowing they are who they claim to be is essential. However, with Ethereum, it is possible to create intelligent contracts where funds are paid out only if certain conditions have been met after a certain period has passed.
It ultimately allows more time for policyholders to prove that they meet their policy requirements before people can transfer any funds from the insurer back to them. Furthermore, since these systems are built on top of the Ethereum network, it also comes with the added benefit of having automatic insurance fraud detection and risk prevention systems, which is why this has become such a powerful way for insurers to increase their service levels to their customers.
Smart contract audit solvency:
During auditing and financial reporting, it is essential to ensure that no loopholes or errors could impact the solvency of a policyholder’s account. Because smart contracts are written in an automated way, it makes it possible for real-time decisions and updates to be made during audits. As a result, all policies can be updated and validated in real-time and audited by third parties. As a result, it ultimately helps insurance companies to alleviate some of their concerns related to the audit process.
What’s in the future for Ethereum in the insurance industry?
The future of Ethereum’s role in the insurance industry will be characterized by a strong focus on innovative contract technology and the use of these contracts within real-world settings. While it is still too early to tell what this technology will look like and how the user will implement it, it is easy to see why so many companies are interested in exploring how users can bring this new technology into their business models.
Facilitate Operating in a Highly Competitive Environment:
The insurance industry is highly competitive, and many insurers are forced to look at innovative ways to ensure their success. The ability of Ethereum to make transactions more efficient while reducing transaction fees has made it a preferred choice among many insurance companies looking to help reduce costs while simultaneously improving efficiency.
Ethereum has excellent uses in the insurance industry and will continue improving the services provided. While there are a few drawbacks, nothing can slow down the value that Ethereum brings, especially in sectors where rapid innovation and financial transactions are an everyday part of doing business.
Empowers More Automation:
Blockchain technology allows for more automation and greater trust between all parties involved in a transaction. It is a significant benefit of Ethereum that benefits both consumers and insurance companies. In addition, it ensures that consumers can verify their identity and prove they meet all of their policy requirements before any funds are transferred back to them.
To summarize:
Ethereum may be new, but its adoption amongst insurance providers has been rapid due to its ability to optimize insurance contracts, facilitate real-time auditing and make it easier for customers in the U.S., UK, Germany, or elsewhere to receive payouts promptly.
A year from the launch of the Insurance Fraud Coordination Office (IFCO) in Ireland[i], LexisNexis® Risk Solutions Insurance has expanded into the Republic of Ireland to deliver data enrichment services to insurance providers in the region and boost the market’s fraud detection capabilities. A leading data, analytics and technology provider to 97% of the U.K. insurance market, LexisNexis Risk Solutions, driven by requests for greater choice and scale from the Irish market, will deliver solutions to support more accurate underwriting and pricing, streamline claims’ processes, help reduce fraud and improve the customer’s experience when they are buying or renewing a policy.
Research shows that 84% of people in Ireland believe insurance fraud is unethical[ii] and a separate study of insurance providers themselves found the vast majority want to improve their fraud detection and prevention techniques[iii].
The expanded business will share space with the highly expert and continuously growing team of data scientists LexisNexis Risk Solutions Insurance already has based in Dublin, who support Irish insurance providers with geospatial intelligence solutions and advanced analytics, as well as provide consulting on all things data science globally.
Insurance providers in the Republic of Ireland will now be able to take advantage of some of the latest data innovations from LexisNexis Risk Solutions to help ensure consumers are priced accurately and fairly and protect them from fraud risks such as ghost broking as the cost of living rises and fraud climbs[iv]. Indeed, there has been an 88% increase in fraud-related crimes in the past year according to Central Statistics Office data.[v]
Shane McCabe who brings more than 18 years’ experience in the Irish insurance market, has joined to lead the company’s client engagement efforts.
Jeffrey Skelton, managing director, Insurance, Europe, LexisNexis Risk Solutions, said: “Having an operation firmly in the Republic of Ireland means we can now be much more hands-on supporting both our new and existing insurance customers, which is essential to building trust and engendering long term relationships.
“Insurance providers in Ireland face similar challenges as those in the U.K., so it’s only right that we can offer our proven solutions to deliver more streamlined and faster decisions at point of quote and claims, reduce insurance application fraud, improve pricing accuracy and help minimise risk exposure across their personal lines businesses. This is the start of an exciting new era in our business growth to help Irish insurance providers solve for their challenges, while meeting their business objectives.”
The LexisNexis Risk Solutions Insurance business is part of Risk, a market segment of RELX, a global provider of information-based analytics and decision tools for professional and business customers. RELX is a listed FTSE 100 company.
